Tag: Deutsche Handelsbank

Deutsche Handelsbank has been the subject of our reports concerning scam facilitation and money laundering several times in recent years. The European Fund Recovery Initiative (EFRI) filed money laundering charges against Deutsche Handelsbank in 2020. Now the investigation by the German prosecutor's office has been ended. A penalty notice was issued, and the bank was ordered to pay a fine of €1 million. Although it is a high fine for such a small bank, EFRI principal Elfriede Sixt is not yet satisfied!

In the summer of 2020, a Munich court issued a garnishment order to seize the bank accounts of CySEC-regulated Hoch Capital Ltd (file number 1539 M 46463/20). One of the payment processors involved was Deutsche Handelsbank, a notorious scam facilitator. As ordered, Deutsche Handelsbank submitted the data to the court and froze the Hoch Capital Ltd account, which held over €909,000. The company and its individuals are under investigation by German prosecutors on suspicion of investment fraud.

Currently, the indictments and trials against the operators of the Israeli scam network around GetFinancial are taking place in Germany. Around the GetFinancial scam, fund recovery scammers preyed on GetFinancial victims, posing as agents of the Cypriot regulator CySEC. The fund recovery scam victims' deposits were made to accounts at FCA-regulated high-risk payment processor NordPay Financial Ltd d/b/a CentralPay and Paysite Cash. NordPay collapsed following disputes between the founders and went into administration in April 2021.

A victim has provided documents to FinTelegram that are included in the criminal files surrounding the Broker scams GetFinancial, o4trade, Fivecircles, and others. Authorities have traced the money from victims to ultimate recipients over and have also discovered the facilitating payment processors. Besides the notorious illegal German payment processors like SecurePort GmbH, they also found advCash, MoneyNetInt, DIXIPAY, and the regulated Cypriot e-Money Institute SEPAGA E.M.I. Limited.

The notorious Deutsche Handelsbank has been in the FinTelegram focus as a scam facilitator over the last four years. In July 2021, the German bank announced that it would terminate its payment services business. The bank's CEO Frank Schlaberg (LinkedIn) left the bank in August 2022 to become co-CEO of Bankhaus von der Heydt. According to insiders, German prosecutors are still investigating Deutsche Handelsbank and its business activities based on many complaints.

Over the last few years, UK registered PGSELLERS has come to our attention as an illegal payment processor in several major broker scams. Scam victims were asked to deposit funds into PGSELLERS' accounts at Deutsche Handelsbank, Klarna, and other banks. A few days ago, the registered director and economic owner of PGSELLERS, Paul Solinsky, contacted us and claimed that the entity was hijacked by scammers and used as an illegal payment processor without his knowledge.

FinTelegram has received a statement from Paul Solinsky, the director and beneficial owner of the UK entities PGSELLERS LTD and Ecore Payments Ltd d/b/a Ecore Merchant Services (Ecore). We have exposed PGSELLERS as an illegal payment processor and scam facilitator in various broker scams. However, Paul Solinsky claims that he has been a victim of a group of fraud gangs. He already applied to the Companies House for a voluntary strike-off of PGSELLERS. Below is his statement to FinTelegram:

The notoriously well-known Deutsche Handelsbank has been in the FinTelegram focus over the last three years. Like ING's Dutch subsidiary Payvision and, until its collapse, Wirecard, the bank was a prime address for scammers and cybercrime organizations. Uwe Lenhoff, who died in prison in 2020, was one of the clients of Deutsche Handelsbank and used the bank to launder the illicit proceeds of his huge lotto scam LottoPalace. Now the German financial institution seems to be about to its dirty payment division.

Notorious Deutsche Handelsbank did it again. It facilitated the Hashtrade (www.hashtrade.pro) broker scam, officially confirmed as a scam on Reddit. But, unfortunately, victims are still falling for the scam. Allegedly, the scam is operated by Xertz Consulting Ltd, registered in the Commonwealth of Dominica. This offshore entity is also associated with other scams such as Hackford or Paragon Finance. Victims have sent us payment documents showing that they made payments to the scam via PGSellers Ltd and their bank account at Deutsche Handelsbank.

Deutsche Handelsbank (www.handelsbank.com) is no stranger to FinTelegram readers. The small German bank has always been around Wirecard and...

Hashtrade is a broker scam that is already officially confirmed as a scam on Reddit. But, unfortunately, victims are still falling for the scam. Allegedly, the scam is operated by Xertz Consulting Ltd, registered in the Commonwealth of Dominica. This offshore entity is also associated with other scams such as Hackford or Paragon Finance. Victims have sent us payment documents showing that they made payments to the scam via PGSellers Ltd and their bank account at Deutsche Handelsbank.

Since its inception in 2018, the NGO European Fund Recovery Initiative (EFRI) has filed several crucial money-laundering complaints against banks and payment processors with the competent authorities in various jurisdictions. Without the intentional or negligent facilitation by these institutions, investment fraud and scams would not be possible in the first place. EFRI has now filed a money laundering complaint against Deutsche Handelsbank and the PPRO Group along with extensive evidence.